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PS19/20 Final Rules:Optimising the SM&CR
Final Rules: PS19/20 Optimising the SM&CR
29th July 2019
The FCA has now published a Policy Statement PS19/20 in relation to their Consultation CP19/4: Optimising the Senior Managers & Certification Regime (SM&CR).
Detailing the feedback and final rules, the FCA notes within PS19/20 that they have implemented the proposed changes to the existing rules as consulted upon.
The main changes to SM&CR as now detailed include:
Additionally the regulator has amended the scope of the Client Dealing Function as consulted, advising that the amended rule has been drafted in such a way that provides firms with the flexibility to exercise judgment over whether a role requires certification.
In this regards, the relevant factors that a Firm would need to consider in assessing an individual’s role are:
To read the Policy Statement and final rules issued by the FCA, click here.
SM&CR will commence for all solo-regulated firms come 9th December 2019, this includes Claims Management Companies that are regulated by the FCA. However, still to be announced, will be the SM&CR commencement date for Benchmark Administrators. The FCA have informed they have requested and agreed with HM Treasury for a later SM&CR commencement date for benchmark administrators so that they may carry out a dedicated sector-specific consultation before making final rules for this sector and therefore this implementation date is still to be announced.
If you are preparing your firm for the extension of the SM&CR regime and need any advice or support, our experienced regulatory consultants would be happy to offer their assistance and practical support. Just drop our friendly team a line to discuss how we can help.
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